The National Credit Union Administration (NCUA) has barred the former CEOs of U.S. Central Federal Credit Union and Members United Corporate Federal Credit Union from working for, or with, any corporate credit union due to their roles in two of the biggest credit union failures.Both credit unions went bust because of faulty MBS investments.

Francis Lee, the former CEO of U.S. Central, the one-time $52-billion central bank for credit unions, and Joseph Herbst, the former chief of $14-billion Members United, agreed to the bans.

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